The company of West End impresario Cameron Mackintosh, responsible for hit shows including Hamilton, Mary Poppins, and Les Misérables, has reported a decline in profits for 2023 to 2024, despite an increase in revenues.
For the fiscal year ending March 2024, profits fell to £43.2 million from £45.4 million the previous year, while revenues rose from £185.8 million to £199 million.
The company, which operates eight London venues through its Delfont Mackintosh Theatres, including the Noël Coward, Gielgud, Wyndham’s, Prince Edward, Victoria Palace, Novello, Sondheim and Prince of Wales theatres, attributes its revenue growth to the enduring popularity of productions such as Les Misérables, Mary Poppins, Hamilton, The Phantom of the Opera, and Miss Saigon in both London, UK and international markets.
Despite this success, rising operational costs have impacted overall profitability.
Cameron Mackintosh, 78, began his career as a stagehand in the West End and has since built a musical theatre empire, amassing an estimated fortune of £1.25 billion, according to the Sunday Times Rich List.
The company, Cameron Mackintosh Limited, said in its annual accounts that, “Production activities generated revenues throughout the world with shows playing in United Kingdom, North America, Australasia, Europe and Asia. In the West End of London, Les Miserables, Phantom of the Opera and Hamilton, continued to attract record breaking audiences; and, Stephen Sondheim’s Old Friends opened at the Gielgud Theatre to an array of five star reviews, playing its final performance on 6 January 2024. The UK touring production of Hamilton, opened in Manchester in November 2023, before moving to Edinburgh; the tour is currently booked through to January 2026. Major overseas productions included, Les Miserables which played in Holland, Korea and across the USA; Phantom of the Opera which visited Japan, Korea and Middle East and Miss Saigon in Australia”.Â
Talking about the group’s portfolio of West End theatres, the company said the venues, “continued to host the successful long-running productions of Les Misérables, Hamilton, Mamma Mia! and The Book of Mormon at the Sondheim, Victoria Palace, Novello and Prince of Wales theatres respectively. At the Gielgud, Noel Coward and Wyndham’s Theatres, the company hosted productions of The Crucible, Stephen Sondheim’s Old Friends, Frank Skinner: 30 Years of Dirt, Opening Night, Patriots, The Ocean at the End of the Lane, The Motive and The Cue, Player Kings, Mike Birbiglia: The Old Man & The Pool, King Lear, The Unfriend and Long Day’s Journey into Night. At the Prince Edward, the company hosted the transfer of Dear England from the National Theatre before welcoming the Broadway transfer of MJ the Musical. The company continued its theatre restoration and refurbishment programme making ongoing improvements both front- and back-of-house across the portfolio.”
The company also owns music and musical licensing business MTI, one of the world’s leading theatrical licensing agencies. About MTI, the company said that they “had a very successful year. Based in New York but also with offices in London and Melbourne, Australia, MTI grants professional theatres, amateur and school groups. across the globe the rights to perform the largest selection of great musicals from Broadway, London’s West End and beyond.”
Hamilton is now playing at the Victoria Palace Theatre in London, booking to 27 September 2025; and touring the UK, currently playing in Cardiff until 25 January 2025.
Mackintosh’s new production of Oliver! recently opened at the Gielgud Theatre in London, and is now booking to 28 September 2025; and his new touring production of Miss Saigon launches in October 2025 in Newcastle.
Their current touring production of Les Miserables The Arena Spectacular is now playing at the Newcastle Utilita Arena until 5 January 2025, and then tours worldwide.
Hamilton in Australia
In other news, Australian impresario Michael Cassel has announced that his Australian touring production of Hamilton has broken box-office records.
The very first Australian version of the hit musical has sold more than 1.3 million tickets, becoming one of the biggest box office successes for a musical in Australia.
The show completes its tour at Sydney’s Lyric Theatre on 25 January 2025, with sales exceeding $1.4 million.
Victoria Palace Theatre, London
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